American Digital Title Insurance Co., in partnership with proptech Spruce, expanded American Digital Title’s proprietary automated underwriting title insurance model. The model utilizes AI and machine-learning technology to reduce what is typically a manual multi-day title insurance process to a matter of minutes.
“Our automated model is helping to set a new standard for the real estate title insurance process by combining an overall reduction in time and an increase in transaction savings, all with enhanced underwriting accuracy,” American Digital Title President Jim Dufficy said in a release. “Our partnership with Spruce strategically fuses its proprietary innovation and data with our unparalleled financial stability and risk assessment expertise.”
Through the partnership, Spruce developed proprietary systems that allow it to take American Digital’s AI solution to its mortgage lender partners to decrease the mortgage closing cycle and increase transparency in the closing process.
“Spruce is fundamentally changing the way our customers process real estate transactions by making them faster, more affordable, and transparent,” Spruce co-founder and CEO Patrick Burns said. “Our partnership with American Digital Title further enhances our sophisticated offerings, granting more flexibility, greater scale, and increased predictability.”
The automated underwriting model has been introduced in Colorado, Texas and Arizona, and the two companies plan to expand to both new geographic regions and title products.
American Digital Title Insurance Co. is owned by Munich Re Digital Partners U.S. Holding Corp., a Munich Re company.